The Federal Government of Nigeria has marked a significant financial milestone by recording N3.09 billion in revenue from crude oil sales in September 2023, breaking a one-year drought of zero income in this sector.
This noteworthy development, revealed in the Central Bank of Nigeria’s quarterly statistical bulletin, indicates a potential turning point for Nigeria’s resource-based income streams.
The last recorded revenue from crude oil sales was in August 2022, totaling a modest N563 million.
Despite the country’s substantial oil reserves, the government had faced a prolonged revenue drought from this source.
The recent uptick in crude oil revenue in September 2023 is seen as a positive signal for the nation’s economic prospects.
While the crude oil sales revenue in September 2023 is significant, it represents only 1.30 per cent of Nigeria’s gross oil revenue for the month, which amounted to about N238.02 billion. The composition of oil revenue includes miscellaneous payments, pipeline fees, oil and gas royalties, and the Petroleum Profit Tax (PPT).
These diverse revenue sources highlight the multifaceted nature of Nigeria’s oil income, extending beyond crude oil sales.
